ABA, State Bankers Associations Urge Lawmakers to Go SAFE Banking Act | ABA Banking Journal

In two letters to Home leaders immediately, ABA and 51 state bankers associations expressed help for the SAFE Banking Act of 2021, which would supply a protected harbor for depository establishments searching for to serve authentic cannabis-related companies in states the place such exercise is authorized. The Home is predicted to vote on the invoice later immediately.

The invoice was handed by the Home within the final Congress however was not taken up within the Senate. Presently, 36 states have legalized hashish for medical or grownup use, however present federal regulation prevents banks from safely banking hashish companies, together with ancillary companies that present them with items and providers. “Our member banks discover themselves in a tough state of affairs as a result of battle between state and federal regulation, with native communities encouraging them to financial institution hashish companies and federal regulation prohibiting it,” ABA stated in its letter of support. “Congress should act to resolve this battle between state and federal regulation.”

In a separate letter, the state bankers associations emphasised that on account of this battle, “this section of our native economies is compelled to function on an all-cash foundation, which creates severe public security, income administration and authorized compliance issues.” They added that “our members are dedicated to serving the monetary wants of their communities—together with those who have voted to legalize hashish.”

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